PhoBug
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https://www.irs.gov/instructions/i8960 says:Line 9b—State, Local, and Foreign Income TaxInclude state, local, and foreign income taxes you paid for the tax year...
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Thank you Annette! Glad to have confirmation.Because I decided to zero out 2024 after filing 2023, TT did import the business into 2024. I just deleted it.
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From IRS page: https://www.irs.gov/faqs/small-business-self-empl[product key removed]ess/schedule-c-schedule-se/schedule-c-schedule-se-2#"If your sole proprieto...
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I think I've been overthinking this.After running a filing (pdf) printout, there is nothing on there that indicates the business is being "closed", nor any list...
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UPDATE #2: I now figured out if I put "Business Use %" at 1% ( TT will not allow 0%), and the disposition date at 1/1/2024, then depreciation for each item is z...
Activity Feed for PhoBug
- Posted Re: Form 8960, Line 9b – Which Value Do You Use in the Formula? on Get your taxes done using TurboTax. February 28, 2025 3:49 PM
- Posted Form 8960, Line 9b – Which Value Do You Use in the Formula? on Get your taxes done using TurboTax. February 28, 2025 3:22 PM
- Posted Re: Want to close a Home Business - Walk Away Closeout on Get your taxes done using TurboTax. February 28, 2025 1:05 PM
- Posted Re: Want to close a Home Business - Walk Away Closeout on Get your taxes done using TurboTax. February 26, 2025 9:24 PM
- Posted Re: Want to close a Home Business - Walk Away Closeout on Get your taxes done using TurboTax. February 26, 2025 8:08 PM
- Posted Re: Want to close a Home Business - Walk Away Closeout on Get your taxes done using TurboTax. February 26, 2025 7:22 PM
- Posted Re: Want to close a Home Business - Walk Away Closeout on Get your taxes done using TurboTax. February 26, 2025 6:32 PM
- Posted Want to close a Home Business - Walk Away Closeout on Get your taxes done using TurboTax. February 26, 2025 6:17 PM